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Finding a Home in the New Normal: 6 Things to Look Out For

Finding a Home in the New Normal: 6 Things to Look Out For

September 27, 2021 | by HC Mutual

Owning a home is the dream for many Filipinos. But because of COVID-19, many of us have placed building or buying property on the back-burner to prioritise the essentials and to adjust to our world in the midst of a pandemic.

As we adapt to the new normal, people are coming back to the market to look for their dream homes—and we’re here to help you find the right fit for you if you are one of them. We’ve listed down some tips and things to look out for online when choosing or shopping for your new home.

1

Set your budget.

Before you browse listings or contact a real estate agent, set a budget to make sure that you can find a home with everything you need. Factor in the price of the property PLUS any additional expenses like taxes, renovations, insurance, and utilities.

First time buying a home? Read our guides on property fees and taxes and house shopping.

2

Double down on comparing interest rates.

Finding a nice home may make you want to close the deal immediately. However, look at your other options first and compare interest rates, prices, and the property’s value for money. Developers and sellers offer more competitive rates now because less people are actively looking to buy real estate.

3

Ask for photos, videos, or virtual tours.

Expect to look at homes or even close the deal without actually visiting the space because of restrictions and safety regulations. Don’t be afraid to ask for multiple photos and videos of the different parts of the home. Ask for close-ups and video calls to make sure that the property is in good condition.

Collect milestones in your first home.

Get on track to achieving your dreams for the future with a flexible and hassle-free loan. HC Mutual designed the KayaMo Home Loan to make it easier for Filipinos to own a home.

  • Php 450,000 to Php 20M loan amount
  • Payment holidays extension in case of emergencies
  • 1-year Accidental-Life Insurance coverage worth Php 500,000
LEARN MORE

4

Research the area’s internet providers.

One major factor to consider in our new normal is your internet connection. With online classes and the work from home setup for some employees, make sure that your WiFi is stable and can handle multiple device connections at all times.

5

Consider the number of rooms.

Your living space is especially important today. In case a member of your family needs to quarantine, would you have a designated room or area for self-isolation? Having enough space is also good for your family’s health and well-being in the long run. By preventing overcrowding in your home, you lower the risk of disease, stress, and sleep disorders.

6

Check the neighborhood’s accessibility.

With how unpredictable these times can be, having access to essential establishments like grocery stores and hospitals is vital. Alternatively, make sure that your home can be reached by couriers, food deliveries, and the like.

Above all else, consider what you want and need, your comfort, and your safety. These are the most important factors to consider because your home is where you build up the future with your family.

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First Home Home Loan Home Tips

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Treasuring Your Home: Maintenance and Upkeep Tips

Treasuring Your Home:
Maintenance and Upkeep Tips

November 17, 2020 | by HC Mutual

Our first home will always be a source of pride. It is a hard-earned goal, a place of respite, and—often for Filipino families—a legacy to pass on to their children. But whether it’s for the future or today, it’s important to keep your home in pristine condition and protected against raging storms and blistering heat.

If you’re a first-time homeowner, here is a handy guide to help you get started on a good maintenance routine.

  • Set up a cleaning schedule With the ongoing health crisis, hygiene and sanitation are especially important. It’s best to do a thorough clean-up regularly: schedule days for wiping down every corner, washing and drying rugs and carpets, cleaning your windows, and scrubbing down your bathroom and kitchen.
  • Test your home appliances Have you ever had your appliances break down at the same time? Preventing this stressful experience is easy but often overlooked: Check and clean your appliances regularly to extend service life and avoid unexpected expenses.
  • Check your plumbing Be on the lookout for leaks, rust, and clogging in your sinks and drains. By repairing or replacing the necessary fixtures in a timely way, you can prevent water damage to the structure and ensure that your home has clean water at all times.
  • Clean out the gutters Cleaning out clogged gutters may be a taxing chore, but it is vital in keeping your home in good condition. Gutters left with deposits and blocks can cause indoor flooding, rotten wood, holes on your roof, and water stains.

BUDGETING TIP!
Allocate a portion of your monthly budget to home maintenance. In addition to being prepared, you can also have the means to solve minor fixes before they turn into
problems—letting you save more time, effort, and money in the long run.

For unexpected repairs or renovations, HC Mutual offers flexible loans like the KayaMo Cash Loan. Our members enjoy quick loan release as early as 24 hours after approval.

Don’t forget!

Your Checklist:
  • Clean every room regularly
  • Check your appliances
  • Repair leaks and clean out clogs
  • Clean the gutter
  • Fill or replace cracked tiles
  • Repair wall cracks
  • Watch out for holes or rust on your roof
  • Add a fresh coating of exterior paint
  • Open windows for better ventilation
  • Repair cracks on tiles and walls When left alone, even hairline cracks can lead to bigger damages and serve as breeding grounds for bacteria, especially in the bathroom and kitchen. Make sure to fill in cracks and gouter gaps with paint or glaze.
  • Inspect your roof The roof plays a crucial role in keeping your family safe and dry—sheltering you against strong winds, heavy rainfall, and intense heat. Check your roof regularly and schedule needed repairs in the summer to make sure that you aren’t caught off guard by holes, rust, or corrosion during rainy days.
  • Paint your home’s exterior walls A fresh coat of paint gives your home an extra layer of protection against the elements, dust, and even insects. Schedule a yearly inspection of your exterior walls and repaint when needed. Choose your favorite color and add more life to your walls while keeping your family safe.
  • Ensure proper ventilation Home maintenance goes beyond preventing
    damage—your family’s comfort and health are also important. Open windows to let in fresh air and improve indoor air quality. Proper ventilation is good for a person’s well-being and in regulating the temperature inside your home.

BUDGETING TIP!
If you’re still saving up to buy or build your first home, factor in the budget you’ll need for utilities, furnishings, maintenance, and insurance.

The KayaMo Home Loan makes owning your home easier with its fixed rates, payment holidays, and Accidental Life Insurance coverage.

A well-maintained home can mean protection for your family during stormy days, comfort in turbulent times, and a safe space for children to grow happy and healthy. When you keep your home in good condition, you also show how much you care for your family.

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First Home Home Ownership Home Tips

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House hunting made easy: Listings for the first-time home buyer

House hunting made easy:
Listings for the first-time home buyer

October 6, 2020 | by HC Mutual

Looking at different properties and deciding on your first home is an exciting journey. It may seem overwhelming, but with careful planning and good saving habits, you can find the best match for your budget without compromising your family’s comfort and happiness. Let’s get you started on your search with our recommended listings.

The first things to consider

Your house hunting begins with knowing what you’re looking for. List down what your family needs in terms of location and house size, consider distance from schools and your workplace, and balance those out with your goals and budget.

As you browse listings, ask yourself:
  • How much is your price range?
  • Is the property worth its price?
  • How many will be living in this house?
  • Will your family be comfortable living here?
  • What are your deal breakers?
  • Are you happy with this property?
Where can you start?

Acquired properties are usually more affordable than newly built projects. You are most likely to find a house in good condition and with flexible payment options. To help you begin your search for your first home, you can take a look at these HC Mutual-Acquired home listings:

TH 1

If your focus is on convenience and accessibility, the TH 1 is only a 10-minute drive away from schools, hospitals, malls, churches, and more. Located in Marikina, this property is guaranteed to be in a safe and clean community.

Location: Marikina

Lot Area: 52 sqm.Floor Area: 68 sqm.

Features:

  • 3 bedrooms
  • 2 bathrooms and toilets
Price: Php 3,415,000
I’M INTERESTED
TH 2
TH 2

For families that prefer serene settings without sacrificing convenience, try taking a look at the TH 2. It is found along a quiet street in an exclusive compound near schools, commercial establishments, and hospitals.

Location: Marikina

Lot Area: 52 sqm.Floor Area: 68 sqm.

Features:

  • 3 bedrooms
  • 2 bathrooms and toilets
Price: Php 3,415,000
I’M INTERESTED
RFP 1
RFO 1

If your priority is security and peace of mind, the RFO 1 is found in a safe community that boasts guards on a 24/7 rotation.

Location: Marikina

Lot Area: 91 sqm.Floor Area: 136 sqm.

Features:

  • 3 bedrooms
  • 3 bathrooms and toilets
Price: Php 5,900,000
RFO 2

If your priority is security and peace of mind, the RFO 2 is found in a safe community that boasts guards on a 24/7 rotation.

Location: Marikina

Lot Area: 91 sqm.Floor Area: 122 sqm.

Features:

  • 3 bedrooms
  • 3 bathrooms and toilets
Price: Php 5,600,000

Take the first step towards
a brighter future.

We believe that every Filipino deserves to live peacefully in their own home, which is why we’ve made it easier for HC Mutual members to buy or build theirs with the KayaMo Home Loan. This hassle-free offer focuses on your long-term goals and financial mobility:

  • Loan amount up to 80% of the property’s Total Contract Price
  • Down payment of 10% to move in, with 0% interest for the remaining DP amount
  • Fixed rate for the entire loan term
  • Payment Holidays for your peace of mind during emergencies or financial difficulties

Learn more about the HC Mutual-Acquired Homes listed above or apply for the KayaMo Home Loan by sending us a message at mortgage@homecredit.com.ph or calling (02) 8771-1190 today.

TH 1
Price: Php 3,415,000

We’d love to talk to you more about this HC Mutual-Acquired listing. Kindly fill out the form below and a member of our team will give you a call to discuss details.

Thank you for your interest.

We will be in touch with you soon to discuss more about your chosen home listing. Looking forward to talking to you!

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First Home Home Listings Home Loan

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HOME BUYING 101: A Guide to Buying your First Home

HOME BUYING 101: A Guide to Buying your First Home

July 6, 2020 | by HC Mutual

Part 1: House shopping

What to look for in finding the perfect first house for you

Buying your first home is not something you can rush into. We understand that it is an important milestone—something to show as proof of financial responsibility and capability, a rite into full adulthood, as it is. But this is all the more reason to take your time. Buying a house, especially for the first time, is a big commitment that takes a lot of work and preparation. It can be a smart move for the long term, but only if you fully understand what you’re getting into.

This is the first part of a series of our complete guide to help you buy your first home and reach an important milestone in your life—and ensure that it will be a step towards a good future.

How do I know if I’m ready?

This is the first, and probably one of the more difficult questions in starting your journey as a first time homeowner. While there is much to think about, you can start here.

Step 1: Ask yourself if it’s time for you to buy a home
We get it. Achieving milestones at work, thinking of your age, and grappling with peer (and family) pressure can be pushing you to consider buying a house now. But why do you really want to buy a house? The only reason that matters is if you are ready to be a homeowner, and ready to commit to everything that it entails—psychologically and financially. (If you are feeling anxious about “burning money” paying rent, think of it this way: they are both ways to have a place to live, each with their own pros and cons.)

Step 2: Ask yourself how you can afford a house
A home loan (or mortgage) is not something to be taken lightly. It is a commitment that takes 15 to 30 years. Before you even consider buying, you would have to have good credit, a steady income, and a sizable amount of cash for down payment which can range from 10% to 40% of the price tag. On top of that, there’s also the closing cost to take into consideration, which can run from 1.5% to 3.5%. Research financing options available to you and look at which fits. The KayaMo Home Loan is specially designed for first time home buyers; HC Mutual also looks at your current credit standing, not your history, when you apply for a loan.

Try a home loan calculator or consult a financial advisor to see if you can afford a home (or how much home you can afford) given your income and credit score, versus different loan term options and the down payment amount you are able or willing to cash out.

Step 3: Start with your dream house—and work backwards
Having an ideal “dream” home is just as important as thinking realistically about being able to get it. The key to finding the sweet spot is to separate your needs and wants in a house. Understanding what’s truly important to you can help you compromise based on your budget. Here are some things to consider:

  • Basic requirements (e.g. size (sqm), number of bedrooms and bathrooms)
  • Location and accessible amenities
  • Structural features (e.g. no. of stories, basement and/or garage, ventilation)
  • Exterior and interior features (e.g. pool, garden, flooring type, accessibility features)
Tips for shopping for your first home

Once you have decided that you are ready to own a house, then it’s time to look at your options.

1. Pick the right type of house for you
What kind of future are you seeing in this house? Perhaps you are looking to start a family and want a nice yard and ample space in a single detached home. But if you want easier maintenance and extra amenities and perks (and if your lifestyle can support the extra cost and less space), then you might want to consider a condo or a townhouse.

2. Check the neighborhood
Remember, this will be your home for a good chunk of your life, so you need to make sure that the neighborhood you pick will be a good fit for you.

  • Look up safety and crime statistics. This is a given, especially if you are planning to start a family. Go around and talk to the barangay or local enforcers to get a good picture of the security of surrounding areas.
  • Map out the available amenities. What do you need near you? Look for the nearest hospitals and clinics, grocery stores, pharmacies, churches, train and bus stations, parking spaces, etc.
  • Research nearby schools. Even if you don’t have (or are not planning to have) kids, this affects home value in the long term.
  • Visit the area or drive down through the neighborhood at different times of day so you can assess the traffic, activity, and noise in the area. Drive or commute to or from the location to assess how accessible it is and how long it takes to go to work or school. Transportation also factors into your living expenses.

3. Stick to your budget
Your pre-approved loan amount should be the ceiling when you’re house shopping and comparing prices. Aside from buying the house, you have to consider how much it costs to move into that house and live in it. In general, look at property valued less than your ceiling to make room in your budget for homeownership expenses such as:

  • Bills and utility payments
  • Home insurance
  • Maintenance and general upkeep of the home (e.g. paint, plumbing, etc.)
  • Emergencies (such as broken appliances)

It is important to consider these monthly and periodic expenses especially right after buying the house as your finances dip and shift drastically. For this crucial moment, HC Mutual offers the KayaMo Saver’s Plan to help you build up your savings and borrow against it when you need it for repairs and improvements in the future (you can usually expect these expenses within the first 5 years of moving into your new house).

Ultimately, being firm with your budget will save you from getting stuck for years paying a mortgage you can’t afford, and not being able to build your savings as a consequence.

Quick Tip!
If you’re buying from a seller and you’ve fallen in love with a house, you may be tempted to bid high at once to ensure that you win. Don’t. As long as you shop within your budget, you can give yourself some wiggle room to bid higher only if needed.

Lastly, find a good agent that you get along well with and discuss your questions and concerns comfortably. Someone who is skilled, motivated, and knowledgeable on your side is indispensable in finding the right home just for you.

Next in this series:


Part 2: Getting your finances in order
Saving and preparing to buy your first home

Part 3: How to avoid common home buying mistakes
General tips and how-to’s of being a smart first-time buyer

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First Home Home Loan Home Tips Saver’s Plan Savings

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For First-time Home Buyers: Property Fees and Taxes

For First-time Home Buyers: Property Fees and Taxes

June 15, 2020 | by HC Mutual

Saving up for your first home? As you plan your budget, keep in mind that there are fees that have to be settled before and after closing the deal. To help you prepare for this major milestone in life, we’ve made a list of the added costs and common taxes when buying property.

Reservation Fee
This ensures that the home you’ve been eyeing is taken off the market and reserved under your name. Reservation fees vary depending on the value of the property, and may sometimes be deducted from your down payment total. Some developers and sellers may set reservation fees ranging from Php 5,000 to Php 25,000 or higher.

Documentary Stamps Tax
Tax on papers, documents, and agreements that prove the acceptance, sale, and transfer of property ownership from the seller’s name to yours. The DST is 1.5% of either your home’s selling price, fair market value, or zonal value, whichever is higher.

Transfer Tax
Even when you’re buying a brand-new home, you still need to pay this tax to transfer home ownership to your name. Transfer tax varies depending on your location, and may range from 0.5% to 0.75% of the property’s price, fair market value, or zonal value (whichever is higher).

Keep in mind that this tax is paid to the Local Treasurer’s Office. You only owe transfer tax to the Bureau of Internal Revenue (BIR) if the property was donated to you.

Notary Fee
To guarantee the authenticity of your transaction, the Deed of Absolute Sale should be notarized. Fees range from 1% to 1.5% of your chosen home’s price.

Title Registration Fee
When this fee is due, you know that you are only a few days away from owning your first home. The title registration fee is paid to officially list the property’s title under your name. This is usually set at 0.25% of the selling price, fair market value, or zonal value of your home, whichever is higher.

Real Property Tax
You might know this tax as amilyar, a fee paid to your Local Government Unit each year. In Metro Manila, the regular rate is 2% of your home’s total assessed value (also referred to as taxable value). 1% is taxed for properties in provinces.

Home and Life Insurance
Insurance companies, banks, and financial institutions provide different packages. Before choosing one, get to know the full details of what they are offering you. Most lenders carry fire insurance; however, it’s best to opt for more comprehensive coverage. Consider getting fire and water insurance to include acts of god, vandalism, and more. Investing in extra protection can get you and your family through unexpected moments and give you peace of mind.

Some entities also offer discounted fees for life insurance, while others include them as a loan benefit. For instance, the HC Mutual KayaMo Home Loan covers 1-year Accidental-Life Insurance worth Php 500,000.

The list of fees and taxes may seem overwhelming, but it pays to be an informed home buyer. By understanding what you need to factor into your budget, you can decide on a home that perfectly fits your goals and financial capacity.

Note: Fees and taxes vary depending on your property and financing program.
Article sources: Lamudi, My Property PH, Bureau of Internal Revenue

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Budgeting First Home HC Mutual Home Loan Home Ownership Insurance Property Taxes

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Taking the leap: Are you ready for your first home?

Taking the leap: Are you ready for your first home?

May 22, 2020 | by HC Mutual

Choosing to buy your first home is one of the biggest decisions of your life. It is a commitment and a dream come true, which is why
you need to make sure that you’re ready before taking this major step.

There are many things to consider before going out to house-hunt: your savings, available properties, and your family’s preferences.
To prepare you for this life-changing move, here are a few questions that you can ask before buying your first home.

What kind of house do you want?
Knowing exactly what you want and what your family needs can
work wonders on your financial plans. Factor in the plot size,
floor area, configuration, and location of a potential home
when budget-planning to help balance costs to what you’ll
spend living in it. Consider the household’s accessibility, fuel
and transportation expenses, monthly bills, and other
day-to-day expenses.

Have you compared property prices?
Be sure that you’re getting a fair price for your home. Research
similarly sized properties in different areas and neighborhoods.
Make a list of your options and weigh out the pros and cons.
What are the amenities? Are there other inclusions? How long
has it been on the market? By comparing houses and taking
time to make an informed decision, you can get the most out of
what you’re paying for.

How will your savings look after your purchase?
A good place to start when buying a house is where you’ll be financially after you sign the deal. Will you still have enough for utilities,
essentials, and additional fees? Being ready for your first home goes beyond meeting its market price. Look at how much you’ll have
left for your monthly budget and savings.

How stable is your source of income?
Before making your decision, secure a steady and long-term
source of income. How many people are earning for the
household? Do you share bills and split living expenses? Having a
stable livelihood on top of your savings will ensure a happy and
comfortable life for your family in the long run.

Are you ready for lifestyle changes?
The process of paying for and maintaining your property can
greatly affect your lifestyle, especially for the first few months.
Review your monthly budget and consider: Do you need to lower
your mobile data plans, allocate more for utilities, or spend less on
leisure activities? Evaluate what changes can be made to cushion
your savings as you settle in your new home.

Have you considered your financing options?
One way to ease the financial load when buying a house is to apply for a loan. Look at the interest rate, payment terms, and loan
amount. Does it cover what you need? How does it fit into your budget? We at HC Mutual take these into consideration. We have
offers like the KayaMo Home Loan—with flexible terms and a wide range of partner home developers—to provide a smooth-sailing
journey to your first home.

Owning a place that you can proudly call yours is a major milestone. It is a decision best made with your family and an investment
that can last through generations. You don’t have to rush into it. Give yourself enough time to work through your financial goals at
your pace and build up enough savings before taking the leap.

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Budgeting First Home HC Mutual Home Loan Savings

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Keeping your family healthy in your first home

Keeping your family healthy in your first home

May 11, 2020 | by HC Mutual

Every Filipino deserves to enjoy comfortable and worry-free lives in their own homes. Your living space is where you nurture and
share milestones with your family, which is why it is important that your home is equipped to protect you and your loved ones from
disease and illness.

The World Health Organization (WHO) has developed evidence-based recommendations on housing and health to make sure your
home is safe and healthy. Check out these guidelines to know what to look for while house-hunting or updating your home.

Regulate indoor temperature
With our country’s hot climate, we need to be mindful of indoor temperatures. If your home runs too hot, you risk dehydration, heat stroke, and other pulmonary disease. It may also affect sleep quality and the immune system, especially for children and the elderly. To help cool down, WHO recommends proper ventilation (and taking advantage of the night air), window shades, green spaces, and thermal insulation.

Prevent household crowding
This aspect of housing covers the size and capacity of your home. Studies show that crowding may increase the risk of disease, sleep disorders, and stress. Before choosing or building your home, it is best to take your family’s numbers into consideration.

Remove injury hazards
Globally, about a third of injuries occur at home. However, you can minimize this risk by freeing your space of hazards like uneven flooring and steps, inadequate lighting, and unprotected hot surfaces. Prevent home injuries by adding gates and stoppers on your stairs, guards on stoves, and child-safety locks on your doors and windows. It is also best to inspect your floors to make sure that they aren’t too slippery especially when wet.

Make your home accessible
An accessible environment can help persons with disabilities enjoy better health, accomplish everyday tasks easier, and improve their quality of life. You can start by adding hand railings, ramps for stairs, safety frames on your toilets, and push/pull door handles. You can also rearrange your furniture for easier access or adjust indoor lighting, depending on each room or family member’s specific needs.

Have clean water at hand
Access to clean water is one of the most important things to consider when moving into your home. It is optimal to have at least one water supply and multiple taps within the house to sustain hydration, prepare food, and maintain personal hygiene.

Improve indoor air quality
Damp and dusty surroundings, food preparation, and smoking can pollute your home’s air, which may then lead to a weakened immune system, allergies, and disease. To combat these risks and to improve air quality, it is recommended to have proper ventilation, prevent smoking indoors (especially around children), and to keep your living spaces clean.

A happy and carefree life begins with good health. Cherish your loved ones by making sure your first home is up to standard and conducive to the well-being of the whole family.

Source: WHO Housing and Health Guidelines (2018)

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First Home HC Mutual Home Loan Home Tips Housing and Health

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